In a $37.4 million off-market deal, Whitestone REIT has acquired Market Street at DC Ranch, a 241,280-square-foot mixed-use neighborhood center in North Scottsdale, from DMB. The purchase price equates to $156 per square foot.

The property was 80 percent occupied at the time of closing and includes an adjacent land parcel that permits the addition of 35,000 square feet of leasable space.

Developed in phases between 1999 and 2003, Market Street primarily serves DC Ranch, one of Scottsdale’s signature master planned communities. It is located on the southeast corner of Thompson Peak Parkway and Pima Road and features a ‘main street’ theme incorporating 15 architecturally distinctive buildings that include 86,991 square feet of office space and 154,289 square feet of retail.

“While Market Street was not on the market for sale, we began discussing a possible purchase directly with DMB in early summer,” said Whitestone Chairman & CEO James Mastandrea in a statement.

Market Street is Whitestone’s 21st acquisition in the Phoenix metropolitan area, and expands its local footprint to over 1.8 million square feet. Since its equity raise in October, the Houston based-REIT has invested $60.7 million in three properties, including Fountain Hills ($20.5 million), Corporate Park Woodland II ($2.8 million) and Market Street ($37.4 million).

Located on Buckeye Road within minutes of Interstate 10, the property is 100 percent leased through 2017 to Home Depot U.S.A. Inc. The building was built in 2009 and features amenities such as 32-foot clear heights, cross-dock loading, concrete truck courts and trailer storage.